Once upon a time it was a closed club, riddled with risks and scams but steadfast in its opposition to any public scrutiny. Today, that same organisation is preparing for a public issue, opening up its portals and books for everybody to inspect and comment. What a long, strange trip it's been for BSE Ltd.

Next in line is the National Stock Exchange of India Ltd, or NSE Ltd, looking to raise R10,000 crore. Once NSE is also listed, the country's two largest stock exchanges will join an exclusive global club. While NSE is the country's youngest stock exchange (gaining recognition as stock exchange only in 1993), BSE's long arc of history stretches back to 1875.